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Robert Rivani’s Black Lion puts Gekkõ, Amara restaurant sites on the market
Miami-based retail real estate investment firm is seeking north of $55M for both
A photo illustration of Black Lion’s Robert Rivani along with SLS Lux Brickell (left) and Paraiso Bay (right) (Getty, Black Lion, Google Maps, The Real Deal)
Robert Rivani’s Black Lion Investment Group is unloading more commercial condo restaurant spaces, listing two prime sites in Miami’s Brickell and Edgewater neighborhoods.
Miami-based Black Lion is looking to sell its commercial unit at SLS Lux Brickell at 805 South Miami Avenue that is currently leased to Japanese steakhouse Gekkõ, as well as the Amara at Paraiso restaurant space in Paraiso Bay Residences at 650 Northeast 32nd Street, according to a press release.
The asking price for the two properties is north of $55 million, the release states. FA Commercial and JLL are co-listing the commercial units. Both assets have tenants with over 15 years of remaining lease term and “in-place cash flow,” the release states.
The Gekkõ and Amara at Paraiso spaces are hitting the market on the heels of Black Lion selling the ground-floor commercial unit at the Zaha Hadid-designed One Thousand Museum for $7.9 million in June.
After stabilizing the two latest commercial units with “world-class restaurant brands,” the time is right to sell both spaces as Black Lion prepares to move on to bigger projects, Rivani told The Real Deal.
“These properties are not part of Black Lion’s long-term plans, and it is just part of our business model of constantly buying and selling,” Rivani said. “The tenants have done their part. They are crushing it. It’s time for Black Lion to move on from these assets.”
The two commercial condos were among the first spaces Black Lion acquired during a hospitality retail shopping spree between 2021 and last year. In 2021, a Black Lion affiliate paid $13.5 million for the SLS Lux Brickell’s 11,412-square-foot ground-floor corner space with 16-foot high ceilings.
A year later, Black Lion leased the commercial unit to a partnership between Miami Beach-based hospitality guru David Grutman and Grammy Award-winning musician Bad Bunny. Grutman and Bad Bunny turned the space into Gekkõ, one of Miami’s hottest restaurants frequented by celebrities.
Black Lion also bought the Amara at Paraiso commercial unit in 2021, paying $12.1 million. The 12,316-square-foot restaurant is part of Michael Schwartz’s The Genuine Hospitality Group.